SPIRO T. AGNEW, Governor                         33

bonds issued hereunder, prior to the maturity thereof, or for the
purpose of providing it with funds for the redemption prior to
maturity of any outstanding bonds issued hereunder which are, by
their terms, redeemable. The resolution authorizing the issue of any
such refunding bonds shall describe the issue or issues of bonds of
the County so to be refunded, and no issue of such refunding bonds
shall exceed in amount the par amount of such bonds so described in
said resolution. No such refunding bonds shall actually be delivered
to the purchaser or purchasers thereof more than six (6) months
in advance of redemption date or dates of bonds to be redeemed and
refunded and the proceeds of the sale of any such refunding bonds
shall be segregated and set apart by the County as a separate trust
fund to be used solely for the purpose of paying the purchase or
redemption prices of the bonds to be refunded.

Sec. 7. And be it further enacted, That, in the issuance of any of
the bonds authorized hereby, the County may, prior to the prepara-
tion of definitive bonds or obligations, issue interim certificates or
temporary bonds, with or without coupons, exchangeable for defini-
tive bonds when such bonds or obligations have been executed and
are available for delivery, provided, however, that any such interim
certificates or temporary bonds shall be issued in all respects subject
to the restrictions and requirements set forth herein. The County
may, by appropriate resolution, provide for the replacement of any
bonds issued hereunder which shall have become mutilated or be
destroyed or lost upon such conditions and after receiving such
indemnity as the County may think it proper and necessary to stipu-
late and require.

Sec. 8. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the
interest payable thereon, and the income derived therefrom in the
hands of the holders thereof from time to time (including any profit
made in the sale thereof) shall be and is hereby declared to be at all
times exempt from taxation of every kind and nature whatsoever by
the State of Maryland or by any of its political subdivisions, or by
any town or incorporated municipality or by any other public agency
within the State of Maryland.

Sec. 9. And be it further enacted, That the authority to borrow
money and issue bonds conferred on the County by this Act shall be
deemed to provide an additional and alternative authority for borrow-
ing money and shall be regarded as supplemental and additional to
powers conferred upon the County by other laws and shall not be
regarded as in derogation of any power now existing; and all Acts
of the General Assembly of Maryland heretofore passed authorizing
the County to borrow money are hereby continued to the extent that
the powers contained in such Acts have not heretofore been exercised,
and nothing herein contained shall be construed to impair, in any
way whatsoever, the validity of any bonds which may have been
issued by the County under the authority of any of said Acts, and
the validity of said bonds is hereby ratified, confirmed and approved.
This Act, being necessary for the welfare of the inhabitants of
Harford County, shall be liberally construed to effect the purposes
hereof. All Acts and parts of Acts inconsistent with the provisions
of this Act are hereby repealed to the extent of such inconsistency.